Milling Wheat The Black Sea market is very firm. Demand for Russian wheat is increasing every day, and we hear rumors that even Germany will import some due to the sharp decline of the local crop. Bulgaria and Romania are also importing Russian wheat after the excessive rains since mid-June and subsequent quality deterioration of their crops. Meanwhile, production in Turkey is estimated at 17 MMT (versus 21 MMT last year). That country is the second-largest destination for Russian wheat (after Egypt), and it will have to import a much larger volume this year due to the severe drought in April and May. Russian origin is by far the cheapest milling wheat in the world. At current prices, the export demand will be a minimum 5 MMT per month. C...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Dry bulk markets were volatile but ultimately steady this week with notable differences in rate developments across vessel classes. The Capesize sector, which led the recent rally in freight rates with its dramatic surge, pulled back slightly amid more cautious chartering activity, partic...
Key Market Insights Macro markets delivered a full whipsaw today. Early in the session, crude oil had rallied back above $100/barrel as traders priced renewed concern over the U.S.-Iran standoff and potential supply risk through the Strait of Hormuz. That strength helped pull grains off their o...
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